Bitcoin Price Pushed by OKCoin Getting Ready for Relaunch, China Money Supply Increase
OKCoin, one of the two Chinese Bitcoin exchanges, is demonstrating progress in sorting out user fund withdrawals. On Feb. 9, it was requested by the People’s Bank of China (PBoC) to halt Bitcoin and Litecoin withdrawals. On March 1, OKCoin told their users that the exchange is approving the transfer of user funds stored on the global OKCoin trading platform to their Chinese site because the company’s .CN platform is nearly ready for approval by the PBoC and relaunch. Earlier in January, the PBoC asked OKCoin and Huobi, two of the largest Bitcoin exchanges in China, to suspend trading until....
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In the wake of increasingly strict policies from the People's Bank of China - China's central bank - the country's bitcoin exchanges are beginning to turn their focus to international markets and foreign buyers. For example, on 12th June, BtcTrade announced it would introduce USD trading on its platform. OKCoin is now following suit by announcing new offerings to English-language investors with the relaunch of its previously halted peer-to-peer (P2P) margin trading services. OKCoin now indicates that users of its Chinese-language and new English-language website can take advantage of its....
The Bitcoin price plunged by 9 percent overnight, declining from $1,060 to $959 across major global Bitcoin exchanges. The short-term drop in price was likely caused by the announcement of Huobi and OKCoin to temporarily disable Bitcoin and litecoin withdrawals for one month. Huobi and OKCoin are two of the largest Bitcoin exchanges in China that control approximately 25 percent of the global Bitcoin exchange market. The two Bitcoin exchanges process around $55 mln worth of Bitcoin and litecoin on a daily basis. In the morning of Jan. 9, almost immediately after a meeting took place....
Bitcoin price has fully recovered since the temporary Bitcoin withdrawal suspension on Huobi and OKCoin traders, having increased from $980 to $1,123 within two weeks. On Jan. 18, Huobi and OKCoin were requested by the People’s Bank of China (PBoC) to overhaul their know your customer, hereinafter KYC, and anti-money laundering, hereinafter AML, regulation. Local publications including the Shanghai Observer reported that the PBoC told the two exchanges they were in violation of local regulations and failed to meet industry-wide standards. Three weeks after the PBoC made its initial request....
Ethereum activities are rising in China, due to increasing interests in the Enterprise Ethereum Alliance and the Ethereum network’s applicability to a wide range of infrastructures across various industries. Chinese bitcoin exchanges have recognized a surge in interest and demand for Ethereum and as a result, several major bitcoin exchanges including OKCoin have announced the integration of support for Ethereum or Ether trading. On March 31, nine days prior to releasing its newly updated Anti-Money Laundering (AML) and Know Your Customer (KYC) systems, OKCoin confirmed with CnLedger, a....
Bitcoin’s price fell by more than $100 in minutes around 9 A.M. London time as the People’s Bank of China announced they have opened an “inspection” on BTC China, Huobi and OKCoin, which in combination account for 90% of bitcoin trading volume. According to Reuters: “The probe of bitcoin exchanges, including BTCC, Huobi and OKCoin, was to look into a range of possible rule violations, including market manipulation, money laundering and unauthorized financing, the People’s Bank of China (PBOC) said. It did not say if any violations had been found.” Huobi has been criticized for going....